*Crypto Market Experiences Rally, Ethereum ETF Optimism Becomes Driving Force*
One of the drivers of this rally is investor optimism amid speculation regarding the approval of an Ethereum Spot ETF by the US Securities and Exchange Commission (SEC)
Based on data from Coinmarketcap on Tuesday morning, ETH rose 4.10 percent in the past day and 31.75 percent in the week. That way, currently ETH is at the level of USD 3,799 or around IDR 60.84 million per coin (assuming an exchange rate of IDR 16,004 per US dollar).
The US market watchdog will give its verdict on several spot ether ETF applications this week. Analysts and investors said Tuesday's price spike was the result of unconfirmed talk the SEC might approve these products, after investors previously thought they would be rejected.
Bitcoin rallied sharply earlier this year after the SEC gave approval to several spot bitcoin ETFs, which have generated billions of dollars in inflows. So far in 2024, bitcoin has gained 67%, but ether is now close behind, with a gain of 60%.
Global market strategist at eToro, Ben Laidler said Ethereum has taken the lead in the latest crypto rally ahead of Thursday's final SEC deadline to decide on an ETH ETF.
“Direct approval is still difficult to achieve, but any guidance regarding the path to eventual acceptance would be a big step forward,” Laidler said as quoted by Yahoo Finance, Wednesday (22/5/2024).
VanEck, ARK Investment Management and seven other issuers have filed with the SEC to register a spot ether ETF. The SEC must rule on VanEck and ARK's filings, which are first in line, on May 23 and May 24, respectively.